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Builder Confidence Crushes Expectations

Friday, July 10, 2020   /   by Erik Bjorklund

Builder Confidence Crushes Expectations

The COVID-19 outbreak struck a major blow to builder
confidence in April. The prospect of widespread shutdowns of businesses and
prolonged shelter at home orders sent the National Association of Home
Builders/Wells Fargo Housing Market Index (HMI) spiraling down 42 points, its
largest monthly change in a more than 30 year history, to a reading of 30. The
index, a measure of home builder confidence in the market for new homes,
recovered slightly in May, rising 7 points. This morning NAHB said, in a sign that housing stands
poised to lead a post-pandemic economic recovery
, its index soared 21 points to
58, now only 14 points below where it finished in March. Any reading above 50
indicates a positive market.


 

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Fidelity Home Group | Mortgage News | Mortgage Rates
eXp Realty | The Fuentes Team
Tony Fuentes
1999 W. Colonial Dr
Orlando, FL 32804
407-288-5182

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